Property News > Latest News on Home Information Packs (HIPs)

Latest News on Home Information Packs (HIPs)

The government started to roll out Home Information Packs, or HIPS, earlier this year and from 14 December the HIP will be compulsory for every home owner who wants to sell, regardless of the size of property or number of bedrooms.

The idea behind HIPS is that prospective buyers will have a degree of information at their finger-tips before they make an offer, but the scheme has been criticised heavily by many in the industry as being expensive, cumbersome and responsible for slowing down an already depressed market. There is also concern that various aspects of the information provided in HIPS, such as local searches, will be out of date by the time the property is actually sold and will, therefore, have to be re-done by the purchaser's solicitor. Mortgage lenders and lawyers are unlikely to place reliance on information that might be several months or even close on a year old.

Nevertheless, the law is the law and sellers will have no choice but to comply with the regulations. In brief, the Home Information Pack will contain the following:

An energy performance certificate that will rate your property from A to G A statement of the terms of the sale Copies of the title deeds and any planning and building regulations consents Local authority searches, plus those relating to drainage and waterIt is difficult to give an accurate indication of what a HIP will cost as they are still in their infancy and therefore subject to market forces. Realistically however, home owners should expect to pay between £250 and £700 for a HIP to be prepared on their behalf. One of the main problems seems to be finding an assessor to rate the property's energy efficiency, as to date few assessors have been accredited in this relatively new specialism. 

Selling your home through Property Rescue will avoid the need to prepare HIPS as the sale will be classified as private. This could save you up to £700 as well as avoid the necessity of getting solicitors involved before you even put your house up for sale.  Property Rescue quote a price for your home that is the price you will receive; no deductions are made other than repayment of your outstanding mortgage or any loans you may have on your property. There are no hidden fees, no legal fees on the sale, and no HIPS. 

Give Property Rescue a call to find out more. They explain everything to you in clear detail and take care of the paperwork and legal necessities. If at


 

The government started to roll out Home Information Packs, or HIPS, earlier this year and from 14 December the HIP will be compulsory for every home owner who wants to sell, regardless of the size of property or number of bedrooms.

The idea behind HIPS is that prospective buyers will have a degree of information at their finger-tips before they make an offer, but the scheme has been criticised heavily by many in the industry as being expensive, cumbersome and responsible for slowing down an already depressed market. There is also concern that various aspects of the information provided in HIPS, such as local searches, will be out of date by the time the property is actually sold and will, therefore, have to be re-done by the purchaser's solicitor. Mortgage lenders and lawyers are unlikely to place reliance on information that might be several months or even close on a year old.

Nevertheless, the law is the law and sellers will have no choice but to comply with the regulations. In brief, the Home Information Pack will contain the following:

  • An energy performance certificate that will rate your property from A to G
  • A statement of the terms of the sale
  • Copies of the title deeds and any planning and building regulations consents
  • Local authority searches, plus those relating to drainage and water

It is difficult to give an accurate indication of what a HIP will cost as they are still in their infancy and therefore subject to market forces. Realistically however, home owners should expect to pay between £250 and £700 for a HIP to be prepared on their behalf. One of the main problems seems to be finding an assessor to rate the property's energy efficiency, as to date few assessors have been accredited in this relatively new specialism.

Selling your home through Property Rescue will avoid the need to prepare HIPS as the sale will be classified as private. This could save you up to £700 as well as avoid the necessity of getting solicitors involved before you even put your house up for sale.
 
Property Rescue quote a price for your home that is the price you will receive; no deductions are made other than repayment of your outstanding mortgage or any loans you may have on your property. There are no hidden fees, no legal fees on the sale, and no HIPS.

Give Property Rescue a call to find out more. They explain everything to you in clear detail and take care of the paperwork and legal necessities. If at

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